Current Oil Price

[PS_RalphW]

Oil over $91. It seems likely that 3 digits will be reached again before long, as long as the global markets do not implode. The tightness of the NG market and localised shortages of coal must be pushing demand for oil up.

[kenneal - lagger]

Don't worry, the BOE will put interest rates up to stop inflation and that will fix it! Not!!!

[PS_RalphW]

2 million barrel oil tanker "explodes" off coast of Nigeria. Fate of crew not reported, fill level of tanker unknown.

https://www.independent.co.uk/climate-c ... 06656.html

more details. It was a floating oil terminal for off shore wells, 46 years old, it performed initial processing of the oil as it came to surface and stored up to 2 million barrels. Some reports crew deceased.

https://www.rigzone.com/news/watch_fpso ... 4-article/

[clv101]

WTI over $90, highest since Oct-14.

[adam2]

Reports state that a number of European oil facilities have been subject to a cyber attack, which probably is the reason for the increased price.
https://www.bbc.co.uk/news/technology-60250956

The earlier news of the explosion had no obvious impact on prices.

[UndercoverElephant]

https://www.bbc.co.uk/news/business-60375568

Fuel prices have hit a new record high at the pump across the UK, tightening the squeeze on UK consumers, the motoring organisation the AA has said.

Over the weekend petrol reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre last Thursday.

[PS_RalphW]

Brent briefly over $99 before profit taking knocked it back a bit. Only a matter of time before $100

[adam2]

Brent now over $100 as has been forecast. $101-40 a few minutes ago. Presumably due to the worsening situation in Ukraine.

I wonder what will happen to natural gas prices when markets open ? [oil is traded in London 24 hours a day excluding weekends, but natural gas is traded only during office hours]

[Stumuz2]

Brent near $110.
Calls from industry experts to consider 'reducing demand'. Massive price hike or rationing?
https://www.bloomberg.com/opinion/artic ... f=jB0kY0cG

[clv101]

There will be demand side policies, it's now unavoidable. We're Losing at least 2 mbpd, likely more like 4-5.

Let's see how united the West is when we drop the motorway speed limit to 55mph.

[Stumuz2]

There will be demand side policies, it's now unavoidable. We're Losing at least 2 mbpd, likely more like 4-5.

Let's see how united the West is when we drop the motorway speed limit to 55mph.

I can hear the squeals already!

[adam2]

There will be demand side policies, it's now unavoidable. We're Losing at least 2 mbpd, likely more like 4-5.

Let's see how united the West is when we drop the motorway speed limit to 55mph.

I can hear the squeals already!

And reduce the default limit on rural roads to 40 MPH, even more squeals

[adam2]

Brent near $110.
Calls from industry experts to consider 'reducing demand'. Massive price hike or rationing?
https://www.bloomberg.com/opinion/artic ... f=jB0kY0cG

I cant see rationing working in the UK.
There would be so many calls for exemptions for special interest groups, and trade or industrial use.
And people would fill up in the Irish republic or in France.
Cooking oil and ethanol would be used to fuel vehicles in addition to the ration.

Any system involving paper coupons, vouchers, or stamps would be very vulnerable to forgeries.
Any system involving smart cards or computers would enjoy the same success as other large government IT projects.

And of course most voters would blame the government for any perceived inadequacy or unfairness in the rationing.

High prices at the pumps would hopefully be blamed on Russians, Arabs, and fat cat oil companies rather than on the government.

And for all the present hysteria by the motoring lobby, prices are not that high. Only moderately in excess of the prices prevailing about ten years ago. I wish that bus and train fares had been held down to the same extent as have petrol prices.

[adam2]

UK oil supplies may become tighter as a result of UK port workers declining to unload a ship carrying Russian crude oil.
https://www.bbc.co.uk/news/uk-england-m ... e-60631735

I agree with the port workers and with the similar refusal to unload two LNG cargoes from Russia.

This would be a good time for road tanker drivers to strike.

[clv101]

Rationing no, but I expect we might see social campaigns to turn down the thermostat and we may well see speed restrictions, multiple occupancy incentives and a return to "work from home where possible"!! Covid has proved new options that weren't there in the 70s.